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A Study on the Listed Company’s Financial Report Fraud in China

Author: YaoChunLi
Tutor: WangKeQin
School: Southwestern University
Course: Accounting
Keywords: Listed companies Financial reporting fraud Corporate Governance Structure
CLC: F231.5
Type: Master's thesis
Year: 2010
Downloads: 1228
Quote: 3
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Financial reporting is an important carrier of accounting information; it provides the accounting information about the enterprise’s financial position, operating results and cash flows. Financial reporting information not only provides decision-making reference to investors, creditors and other interested parties but also carries out the necessary oversight to resources that the business executives entrusted to operate. Financial information as the main tool of economic management, it is required basing on the transactions or events that actually occurred and it is also required to fairly reflect the level of business activities to ensure the quality of financial information. The financial reporting quality problems mainly occurred in the financial reporting fraud, which affects the reliability of financial reporting. Listed company’s financial reporting fraud is the issue of universal concern, which will not only cause losses to investors, but also bring a great risk to the rational allocation of resources and the healthy development of securities market. Therefore, governance of listed companies’financial reporting fraud has become China’s securities market theory and practice of important issues, and has great practical significance.This article will start from the corporate governance structure of China’s listed companies, and then study the relationship between corporate governance structure and the financial reporting fraud, in order to prevent financial reporting fraud and improve the quality of financial reporting. This article will follow the idea of combining the normative research and empirical research. In the normative research, first, I will analyze the listed companies’financial reporting fraud theoretically, including fraud meaning, status, motivation, means, and damage. Secondly, I will theoretically analyze the meaning of corporate governance and the defect of our corporate governance structure, the relationship between corporate governance structures and the financial reporting fraud. The analysis focuses on the relationship between financial reporting fraud and ownership structures, board characteristics, board of supervisors’characteristics. For example, about the board characteristics, board of directors, internal control by the major shareholders, independent directors and the loss of independence of the board of supervisors, etc. And discuss potential causes of the financial fraud.In the empirical research, this paper studies the relationship between the financial fraud and corporate governance characteristics of the structural elements. This article has selected 32 listed companies and annual reports punished by the China Securities Regulatory Commission since 2002, which form a sample of 32 frauds, also select 32 companies with the same industries and the similar size to form a sample. The model is based on whether there has been fraud as the dependent variable, and based on ownership structure, board characteristics, board of supervisors’ characteristics of internal governance structure factors as variables, and builds the Logistic model to conduct a regression analysis.The empirical results show that the listed company’s financial fraud has relationship to the ownership structure, board characteristics, board of supervisors’ characteristics. And the listed company’s financial fraud has the significant relationship to the proportion of corporate shares and the internal directors of listed company’s. The proportion of the state-owned shares and legal person shares in the fraud sample was significantly higher than the proportion in the non-fraud companies, while the proportion of tradable shares and the proportion of independent directors was less than the non-fraud companies’. In the reasonable board size, the larger of the scale, the more the listed companies likely fraud.Finally, we propose the mechanisms based on the results of empirical analysis to strengthen and improve internal governance of listed companies. These mechanisms include the optimization of equity structure, lower degree of insider control majority shareholder, and improving the board of directors, the supervisory checks and balances, improving the system of independent directors, and improving the internal incentive mechanism. The mechanisms also include the strengthening of the government securities market regulation and social supervision, strengthening the construction of credibility; improving the standard of practice of certified public accountants and professional ethics, etc.

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CLC: > Economic > Economic planning and management > Accounting > Accounting bookkeeping method > Accounting statements
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